코스닥시장에서 무형자산이 기업가치에 미치는 영향에 관한 연구

[Purpose]This study examined the impact of intangible assets on corporate value on the KOSDAQ market. [Methodology]The research sample was a total of 9,631 fiscal years in the non－financial sector, the KOSDAQ market’s December settlement, for nine years from 2011 to 2019 when Korea Accounting Standards were mandatory. The hypothesis test was performed using multivariate regression analysis. [Findings]The empirical analysis results were as follows. First, a median of intangible assets was divided into groups to see if there was a difference in the mean of the corporate value of groups with a high proportion of intangible assets, and statistically significant results were obtained. Second, we conducted a multivariate regression analysis to examine the effects of intangible assets on corporate value; the results of the analysis showed that the entity’s ratio of intangible assets has a positive effect on corporate value. Third, as a result of examining the impact of the development ratio, a major sub－account for intangible assets, on corporate value, the development ratio showed a positive effect on corporate value. Fourth, the effect of the ratio of industrial property rights, a major sub－account for intangible assets, on corporate value was found to have a positive effect on corporate value. In addition, the results were consistent with the use of a dummy variable whether industrial property rights were retained. [Implications]Development costs and industrial property rights, which are major substitutes of intangible assets owned by firms in the KOSDAQ market, played an important role in increasing corporate value in the wake of the fourth industrial revolution, which is rapidly accelerating the development of technology, and in line with this research, support policies implemented by the government and accounting authorities have been effective and supported in the right direction.